Best way of converting $CA to Euros

kowacz · Mar 23, 2023

Best way to convert $CA to euros

Bradypus · Mar 23, 2023

Bring a debit card and withdraw euros from your Canadian account at an ATM from time to time. Cash is very hard to exchange these days on the Caminos.

C clearly · Mar 23, 2023

Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.

Friend from Barquinha · Mar 23, 2023

C clearly said:
Bring a debit card and withdraw euros from your Canadian account at an ATM from time to time. Cash is very hard to exchange these days on the Caminos. Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.

Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.

Bon camino/bom caminho!

K_Lynn · Mar 23, 2023

I ordered a couple of hundred Euros from my bank (RBC) before I went and used ATMs along the way when I needed more. I typically paid for my breakfast/cafe stops with cash as they were usually under 10 Euros and then paid for larger meals or accommodations with me CC.

Buen Camino!

oursonpolaire · Mar 23, 2023

As other posters have noted, you can easily withdraw euro from your Canadian account. There was a page somewhere on the forum which listed which Spanish bank charged how much of a fee-- it varied between nothing and 5euro (Santander IIRC).

As far as using your credit card to pay for accommodation etc, different Canadian banks and credit unions will charge a percentage (1.5% to 2.5%) for the arduous labours involved in their computers' foreign exchange programmes-- these fees are negotiable/refundable if you annoy your bank sufficiently.

lanval · Mar 23, 2023

You can reduce some fees if you are lucky. My bank (ScotiaBank) is part of a global alliance so I can use Deutsche Bank fee free. Check with you bank to see if they have a similar program.
This link describes the alliance: https://www.scotiabank.com/ca/en/personal/ways-to-bank/manage-accounts/global-atm-alliance.html

Anniesantiago · Mar 23, 2023

If you're flying into Madrid, you can get off the plane and walk up to one of many ATM machines and withdraw Euros as long as you have an ATM card with a 4-numeral pin code.
I've never ordered Euros ahead of time and have been walking the Camino since 2006.

auburnfive · Mar 24, 2023

I used to just use ATMs after arrival, but have started to order more Euros ahead of time from my Canadian bank as ATM fees have increased so much. RBC offered at a decent rate.

Damien Reynolds · Mar 24, 2023

Note: when withdrawing euros from your Canadian or American bank with an atm, you will be asked if you want to use the atm's conversion service or not. Always select no. You want your own home bank to do the conversion because the atm's bank generally charges a premium on the conversion rate.

DoughnutANZ · Mar 24, 2023

I use a Wise debit card.

flewitheagles · Mar 24, 2023

I find it hard to exchange $ for almost any other currency where I live, but I have easily found a BANK ATM (emphasis on bank) to use my debit card (I do carry 2 separate cards / accounts) soon after arrival. I've seldom had any problems getting currency.

Minou · Mar 24, 2023

You can get a Cash Passport, a Mastercard, at any Canada Post outlet. You can load this card with foreign currency in this case euros. I have been buying euros over the past few months when rate was more favorable. In Europe, just use this card euros to euros.

Susanc8503 · Mar 24, 2023

oursonpolaire said:
As other posters have noted, you can easily withdraw euro from your Canadian account. There was a page somewhere on the forum which listed which Spanish bank charged how much of a fee-- it varied between nothing and 5euro (Santander IIRC).

As far as using your credit card to pay for accommodation etc, different Canadian banks and credit unions will charge a percentage (1.5% to 2.5%) for the arduous labours involved in their computers' foreign exchange programmes-- these fees are negotiable/refundable if you annoy your bank sufficiently.

There are cc with no foreign exchange fees. I have a hometrust card Brim is another I think.

Dave Morgan · Mar 24, 2023

I generally load up my credit card with cash from my Canadian account so that I can get cash advances without interest charges.

Bumpa · Mar 24, 2023

C clearly said:
Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.

Exactly. Order cash in advance of travel wherever you can get good rates. You will have enough to worry about, especially if it is your first trip, when you arrive and need to find ongoing transportation from the airport. Atm's will be relatively easy to find during your walk in bigger towns.

Rex · Mar 24, 2023

C clearly said:
Or, order some from your bank in Canada for cash to carry at the start, so your first chore isn't finding it on arrival.

This is actually becoming more difficult than it was just a few years ago. As a retired banker, I can tell you that most banks in the US will ask you to use your debit card at an ATM wherever you are traveling, and many banks will no longer provide foreign currency to customers at the retail level. The ones that still do are charging a usurious spread over the current spot rate. A debit card that doesn't charge a fee (like many credit unions) is the cheapest way to get currency, particularly in the developed parts of the world where ATM's are ubiquitous.
One other safety note: Choose ATMs that are connected to large national banks if at all possible, as private ATMs are much more subject to additional fees or even worse, being hijacked by scams. Just an FYI.

K_Lynn · Mar 24, 2023

Anniesantiago said:
If you're flying into Madrid, you can get off the plane and walk up to one of many ATM machines and withdraw Euros as long as you have an ATM card with a 4-numeral pin code.
I've never ordered Euros ahead of time and have been walking the Camino since 2006.

I have a 5 digit pin on my CC and debit card and had no issues withdrawing funds while in Spain.

C clearly · Mar 24, 2023

Rex said:
This is actually becoming more difficult than it was just a few years ago.

Maybe cash exchange is less ubiquitous, but it is still certainly possible at the major banks in Canada. It often requires ordering the cash in advance, since the banks do not keep a supply of Euros on the premises of every branch.

Rex said:
The ones that still do are charging a usurious spread over the current spot rate.

I'm not sure what constitutes a usurious rate, but the mark-up on my purchase of €300 is something I'm willing to pay for the convenience.

Rex · Mar 24, 2023

C clearly said:
Maybe cash exchange is less ubiquitous, but it is still certainly possible at the major banks in Canada. It often requires ordering the cash in advance, since the banks do not keep a supply of Euros on the premises of every branch.

I'm not sure what constitutes a usurious rate, but the mark-up on my purchase of €300 is something I'm willing to pay for the convenience.

Spot checks on a couple of major financial institutions today suggest cash ordered from a US bank is marked up between 6-8% over-the-counter. That is about $20 on 300 EUROS = Several cervezas on the Camino.

And my credit union bank card charges me zero transaction fees for foreign currency withdrawn at ATM's anywhere in Europe. That's a price I like, but then, I am 1/2 Scot.
Buen Camino

C clearly · Mar 24, 2023

Rex said:
cash ordered from a US bank

Any idea of what it would be at a Canadian bank (which the OP was asking about)?

Rex · Mar 24, 2023

C clearly said:
Any idea of what it would be at a Canadian bank (which the OP was asking about)?

Sure... a check on spot rates just now looks like BMO and Scotia charge approx 3.5% and 2.6% to retail customers as a mark-up on retail FX transactions. Nicer to their customers, or perhaps regulated a bit differently, don't know that answer.

Friend from Barquinha · Mar 24, 2023

The question of whether Canadian big banks charge "an uxorious rate" is a valid one. I wanted to wire a fairly significant amount in euros to Portugal from Canada, and was bemused/outraged at the rate a Canadian big bank (CIBC) quoted me for currency exchange, prior to wiring the money. A Vancouver credit union was the same. I ended up using an exchange firm, whose main business model was just this, and nothing else, and saved a significant amount.

That being said, going through all this complexity when all you want is a couple of 100 euros is, as mentioned above, probably not worth it.

...Meanwhile, CAD vs. Euro is going through a bad time...

Canadian Dollar to Euro Exchange Rate Chart | Xe

CAD to EUR currency chart. XE’s free live currency conversion chart for Canadian Dollar to Euro allows you to pair exchange rate history for up to 10 years.

www.xe.com

Rex · Mar 24, 2023

Friend from Barquinha said:
The question of whether Canadian big banks charge "an uxorious rate" is a valid one. I wanted to wire a fairly significant amount in euros to Portugal from Canada, and was bemused/outraged at the rate a Canadian big bank (CIBC) quoted me for doing so, prior to wiring the money. A Vancouver credit union was the same. I ended up using an exchange firm, whose main business model was just this, and nothing else, and saved a significant amount.

That being said, going through all this complexity when all you want is a couple of 100 euros is, as mentioned above, probably not worth it.

...Meanwhile, CAD vs. Euro is going through a bad time...

Canadian Dollar to Euro Exchange Rate Chart | Xe

CAD to EUR currency chart. XE’s free live currency conversion chart for Canadian Dollar to Euro allows you to pair exchange rate history for up to 10 years.

www.xe.com

Foreign currency wires are a totally different animal than simply getting foreign cash for travel. Most institutions will charge between $25-$35/wire plus a smaller percentage (vs retail) currency mark up for such transactions. This is partially due to profit making and partially due to the cost of the actual transfer process.
$CAD is a victim of the Canadian economy being approx 70% natural resource based (Oil/gas, mining, timber) and commodities are having a rough time in the current economic climate.

Friend from Barquinha · Mar 24, 2023

Rex said:
Foreign currency wires are a totally different animal than simply getting foreign cash for travel. Most institutions will charge between $25-$35/wire plus a smaller percentage (vs retail) currency mark up for such transactions. This is partially due to profit making and partially due to the cost of the actual transfer process.

Definitely into a thread-diversion here, but my issue with the bank is that they did NOT charge a smaller % than retail for currency mark-up, and made it clear that they had no better rate to offer.

The price of the wire was expected, and not a problem, but the fact that, to my eyes, their profit-making on the exchange rate was unreasonable, made me look elsewhere. Lesson learned.

p.s. For those curious, the company I dealt with is FirmaFX, which seems to concentrate on clients in Canada, UK, New Zealand and Australia. I've been very happy with their procedures--especially security; rates, and speed. https://firmafx.ca/faqs/

Brenlea · Mar 25, 2023

Friend from Barquinha said:
Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.

Bon camino/bom caminho!

Scotiabank is also connected to the duetchbank

Friend from Barquinha said:
Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.

Bon camino/bom caminho!

The Deutsch bank is connected to the scotiabank of that is the bank you use.

WGroleau · Mar 25, 2023

Susanc8503 said:
There are cc with no foreign exchange fees. I have a hometrust card Brim is another I think.

I hope USA isn't the only country where SOME banks not only have no exchange markup, but reimburse their customers all ATM fees charged by other banks. Schwab is mine but I know there are others.

Rex · Mar 25, 2023

WGroleau said:
I hope USA isn't the only country where SOME banks not only have no exchange markup, but reimburse their customers all ATM fees charged by other banks. Schwab is mine but I know there are others.

Schwab does take a small additional markup, but it is buried in the rate they offer you. Note: I used to be an employee of a Schwab subsidiary, and am still a customer who trades foreign currencies when there are severe market dislocations. They offer the best rates I've been able to find as a retail customer and their client service is exceptional.

Eamonrodden · Mar 26, 2023

kowacz said:
Best way to convert $CA to euros

I travel from Australia and have got a travel money card from my bank. You can put multiple currencies on the card. I am also able to manage the card via my bank ap, load more on etc. I can use as a credit card. I can track through the app. I can use the card in shops bars etc, but I only load a bit of money at a time and I am able to track my money

David Tallan · Mar 28, 2023

Friend from Barquinha said:
Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.

Bon camino/bom caminho!

Specifically, the network that Scotiabank is part of means you shouldn't pay fees at Deutsche Bank ATMs in Spain. You can see the partner banks for other countries here: https://www.scotiabank.com/ca/en/personal/ways-to-bank/manage-accounts/global-atm-alliance.html

Former member 92300 · Mar 28, 2023

I always do a combination of 1) going to my bank and exchanging for some Euros before I depart and 2) using my ATM card to withdraw once I arrive. Make sure you let your bank you know you are traveling.

Only disadvantage of using the ATM is your bank may charge you a fee and the ATM might charge you a fee from the bank that owns the ATM. For that reason - I plan how much I will need for several days - so I am not constantly going to the ATM.

aralgate · Mar 28, 2023

Friend from Barquinha said:
Definitely both. Any Canadian bank and most Canadian credit unions easily access the European ATM networks. I read recently that ScotiaBank, of the big 6, has some connections with an international bank network that means you don't pay service charges at European ATMs. Might be worth checking out.

Bon camino/bom caminho!

think it was Deutsche Bank

kowacz · Mar 28, 2023

Rex said:
Sure... a check on spot rates just now looks like BMO and Scotia charge approx 3.5% and 2.6% to retail customers as a mark-up on retail FX transactions. Nicer to their customers, or perhaps regulated a bit differently, don't know that answer.

Thanks!

Brenlea · Mar 28, 2023

aralgate said:
think it was Deutsche Bank

Yes it is and there is a branch in Santiago not far from the cathedral

WGroleau · Apr 2, 2023

Rex said:
Schwab does take a small additional markup, but it is buried in the rate they offer you. Note: I used to be an employee of a Schwab subsidiary, and am still a customer who trades foreign currencies when there are severe market dislocations. They offer the best rates I've been able to find as a retail customer and their client service is exceptional.

I compared Schwab to TransferWise a few years ago. The difference on a thousand dollars was a few pennies. Schwab uses the Visa rate without adding anything. I don't know whether who gets those few pennies, Schwab, or Visa.